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The New Coffee Room

  1. TNCR
  2. General Discussion
  3. Can someone explain this to me?

Can someone explain this to me?

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  • KlausK Klaus

    @doctor-phibes said in Can someone explain this to me?:

    @klaus said in Can someone explain this to me?:

    @george-k said in Can someone explain this to me?:

    "Bitcoin mining?" WTF is that.

    It's the Bitcoin way of how to deal with the initial distribution of currency and the growth of the money supply. The idea is that you can create new Bitcoin by solving computationally expensive problems.

    It seems to me that there's a fundamental flaw with a currency that requires you to do something completely pointless and damaging to the environment in order to create wealth.

    Then again, I guess you could say the same thing about gold mining.

    I doubt that the inventor of mining had the current situation in mind when he came up with the idea.

    If you leave off the unfortunate ecological consequences, the idea of mining is pretty interesting. I wouldn't know a better way to control initial distribution and growth of the money supply in a different way that is both decentralized and "fair" in a certain sense.

    Doctor PhibesD Online
    Doctor PhibesD Online
    Doctor Phibes
    wrote on last edited by Doctor Phibes
    #12

    @klaus said in Can someone explain this to me?:

    I doubt that the inventor of mining had the current situation in mind when he came up with the idea.

    Software engineers aren't engineers.

    I was only joking

    George KG 1 Reply Last reply
    • AxtremusA Offline
      AxtremusA Offline
      Axtremus
      wrote on last edited by
      #13

      Is/was the inventor of Bitcoin an engineer?

      Doctor PhibesD 1 Reply Last reply
      • AxtremusA Axtremus

        Is/was the inventor of Bitcoin an engineer?

        Doctor PhibesD Online
        Doctor PhibesD Online
        Doctor Phibes
        wrote on last edited by
        #14

        @axtremus said in Can someone explain this to me?:

        Is/was the inventor of Bitcoin an engineer?

        Nobody knows....
        https://en.wikipedia.org/wiki/Satoshi_Nakamoto

        I was only joking

        1 Reply Last reply
        • Doctor PhibesD Doctor Phibes

          @klaus said in Can someone explain this to me?:

          I doubt that the inventor of mining had the current situation in mind when he came up with the idea.

          Software engineers aren't engineers.

          George KG Offline
          George KG Offline
          George K
          wrote on last edited by
          #15

          @doctor-phibes said in Can someone explain this to me?:

          Software engineers aren't engineers.

          Indeed, whenever I get tech support on a piece of software that's not behaving, the person says, "I'll relay this to the engineers."

          It takes all of my self-restraint to not ask what kind of locomotive...

          "Now look here, you Baltic gas passer... " - Mik, 6/14/08

          The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.

          1 Reply Last reply
          • HoraceH Online
            HoraceH Online
            Horace
            wrote on last edited by
            #16

            I’ve seen a compelling set of evidence that it is a guy named Adam Back.

            Education is extremely important.

            1 Reply Last reply
            • Doctor PhibesD Doctor Phibes

              I'm none the wiser after reading all that.

              I do know that I can't buy a decent video card for love nor money.

              89th8 Offline
              89th8 Offline
              89th
              wrote on last edited by 89th
              #17

              @doctor-phibes said in Can someone explain this to me?:

              I'm none the wiser after reading all that.

              And for @Catseye3 , how about this description:

              Bitcoin is a type of "crypto currency". Aka digital money you can't hold, and that isn't owned by anyone or any government.

              It's internet money. Enough people have decided it's real enough that they use it like real money to buy/sell things, and so the "equivalent dollar price" of what a bitcoin is worth has gone up based on the demand to have one.

              Every time a bitcoin is created or used, it updates this magical internet ledger so every transaction and every bitcoin ever is tracked using the internet.

              To create a bitcoin, which 99.999% of bitcoin users do not do because it's so expensive, you have to run lots of computer actions that conform to the bitcoin software rules.

              Right now the energy it takes to run all of those computer actions is approximately the same energy used by a US household for 53 days.

              Catseye3C 1 Reply Last reply
              • MikM Offline
                MikM Offline
                Mik
                wrote on last edited by
                #18

                I'm taking the Buffett approach - if I don't really understand it I don't invest in it.

                “I am fond of pigs. Dogs look up to us. Cats look down on us. Pigs treat us as equals.” ~Winston S. Churchill

                89th8 1 Reply Last reply
                • George KG George K

                  OK, I'm a retired old fart.

                  I use credit cards, a checking account, etc.

                  (please type really slowly so I can get this)

                  Can someone please explain Bitcoin to me? Other than anonymity, what's the point?

                  "Bitcoin mining?" WTF is that.

                  Should I be concerned, or just ignore?

                  CopperC Offline
                  CopperC Offline
                  Copper
                  wrote on last edited by
                  #19

                  @george-k said in Can someone explain this to me?:

                  Can someone explain this to me?

                  No

                  1 Reply Last reply
                  • MikM Mik

                    I'm taking the Buffett approach - if I don't really understand it I don't invest in it.

                    89th8 Offline
                    89th8 Offline
                    89th
                    wrote on last edited by
                    #20

                    @mik said in Can someone explain this to me?:

                    I'm taking the Buffett approach - if I don't really understand it I don't invest in it.

                    Ok how about this.

                    Let's pretend every post by @George-K is a Cheddarcoin, tracked by the post ID. How much money would you spend to own a Cheddarcoin? Once enough people buy his Cheddarcoins, @Klaus announces that TNCR officially supports the use of Cheddarcoin in TNCR transactions. For example, it might cost 5 Cheddarcoins to see a picture of @Doctor-Phibes drink a non-alcoholic beer, or 10 Cheddarcoins to force @mark to buy a Dell off of a Best Buy shelf. Or maybe 50 Cheddarcoins to see a picture of @Aqua-Letifer 's sister, but 100 Cheddarcoins to remove it. How many Cheddarcoins would you pay to watch @Larry wear a BLM shirt or for @Jolly to hire someone to chop down a small maple tree?

                    MikM 1 Reply Last reply
                    • 89th8 89th

                      @mik said in Can someone explain this to me?:

                      I'm taking the Buffett approach - if I don't really understand it I don't invest in it.

                      Ok how about this.

                      Let's pretend every post by @George-K is a Cheddarcoin, tracked by the post ID. How much money would you spend to own a Cheddarcoin? Once enough people buy his Cheddarcoins, @Klaus announces that TNCR officially supports the use of Cheddarcoin in TNCR transactions. For example, it might cost 5 Cheddarcoins to see a picture of @Doctor-Phibes drink a non-alcoholic beer, or 10 Cheddarcoins to force @mark to buy a Dell off of a Best Buy shelf. Or maybe 50 Cheddarcoins to see a picture of @Aqua-Letifer 's sister, but 100 Cheddarcoins to remove it. How many Cheddarcoins would you pay to watch @Larry wear a BLM shirt or for @Jolly to hire someone to chop down a small maple tree?

                      MikM Offline
                      MikM Offline
                      Mik
                      wrote on last edited by
                      #21

                      @mik said in Can someone explain this to me?:

                      I'm taking the Buffett approach - if I don't really understand it I don't invest in it.

                      “I am fond of pigs. Dogs look up to us. Cats look down on us. Pigs treat us as equals.” ~Winston S. Churchill

                      1 Reply Last reply
                      • Doctor PhibesD Online
                        Doctor PhibesD Online
                        Doctor Phibes
                        wrote on last edited by
                        #22

                        Incidentally, I've been drinking alcohol free beer for the last two weeks.

                        That makes no sense, either.

                        I was only joking

                        1 Reply Last reply
                        • 89th8 89th

                          @doctor-phibes said in Can someone explain this to me?:

                          I'm none the wiser after reading all that.

                          And for @Catseye3 , how about this description:

                          Bitcoin is a type of "crypto currency". Aka digital money you can't hold, and that isn't owned by anyone or any government.

                          It's internet money. Enough people have decided it's real enough that they use it like real money to buy/sell things, and so the "equivalent dollar price" of what a bitcoin is worth has gone up based on the demand to have one.

                          Every time a bitcoin is created or used, it updates this magical internet ledger so every transaction and every bitcoin ever is tracked using the internet.

                          To create a bitcoin, which 99.999% of bitcoin users do not do because it's so expensive, you have to run lots of computer actions that conform to the bitcoin software rules.

                          Right now the energy it takes to run all of those computer actions is approximately the same energy used by a US household for 53 days.

                          Catseye3C Offline
                          Catseye3C Offline
                          Catseye3
                          wrote on last edited by
                          #23

                          @89th said in Can someone explain this to me?:

                          And for @Catseye3 , how about this description:

                          Thanks, 89th. That's the clearest explanation I've gotten yet.

                          I'm no economist (eyes rolling here), but it seems to me that bitcoin's supposed advantage is its greatest weakness -- that government backing of a country's currency is what makes it "go", whether you like it or not. Why all the mention of a "strong dollar" like it's THE desirable thing -- with which everyone in the developed world agrees, and everyone relies on.

                          Something kinda Monopoly money-ish about bitcoin, it seems to me. And it relies on everyone's participation. If enough people drop out, where does that leave you?

                          Success is measured by your discipline and inner peace. – Mike Ditka

                          Aqua LetiferA 89th8 LuFins DadL 3 Replies Last reply
                          • Catseye3C Catseye3

                            @89th said in Can someone explain this to me?:

                            And for @Catseye3 , how about this description:

                            Thanks, 89th. That's the clearest explanation I've gotten yet.

                            I'm no economist (eyes rolling here), but it seems to me that bitcoin's supposed advantage is its greatest weakness -- that government backing of a country's currency is what makes it "go", whether you like it or not. Why all the mention of a "strong dollar" like it's THE desirable thing -- with which everyone in the developed world agrees, and everyone relies on.

                            Something kinda Monopoly money-ish about bitcoin, it seems to me. And it relies on everyone's participation. If enough people drop out, where does that leave you?

                            Aqua LetiferA Offline
                            Aqua LetiferA Offline
                            Aqua Letifer
                            wrote on last edited by
                            #24

                            @catseye3 said in Can someone explain this to me?:

                            it's THE desirable thing -- with which everyone in the developed world agrees, and everyone relies on.

                            Don't listen to 89th, he's a sucker. Bitcoin was so 2019.

                            It's 2021, son, NFT is where it's at! You best get in the game!

                            Please love yourself.

                            Catseye3C 89th8 2 Replies Last reply
                            • Aqua LetiferA Aqua Letifer

                              @catseye3 said in Can someone explain this to me?:

                              it's THE desirable thing -- with which everyone in the developed world agrees, and everyone relies on.

                              Don't listen to 89th, he's a sucker. Bitcoin was so 2019.

                              It's 2021, son, NFT is where it's at! You best get in the game!

                              Catseye3C Offline
                              Catseye3C Offline
                              Catseye3
                              wrote on last edited by
                              #25

                              @aqua-letifer Nix! Don't do this to me! I want no parts of a same-only-different from bitcoin! Having enough trouble as it is. Not to mention that I don't even care that much!

                              Reading over my last post, I'm embarrassed to feel like Captain Obvious. "Government backing is important?" Really???

                              Success is measured by your discipline and inner peace. – Mike Ditka

                              1 Reply Last reply
                              • Aqua LetiferA Aqua Letifer

                                @catseye3 said in Can someone explain this to me?:

                                it's THE desirable thing -- with which everyone in the developed world agrees, and everyone relies on.

                                Don't listen to 89th, he's a sucker. Bitcoin was so 2019.

                                It's 2021, son, NFT is where it's at! You best get in the game!

                                89th8 Offline
                                89th8 Offline
                                89th
                                wrote on last edited by
                                #26

                                @aqua-letifer said in Can someone explain this to me?:

                                @catseye3 said in Can someone explain this to me?:

                                it's THE desirable thing -- with which everyone in the developed world agrees, and everyone relies on.

                                Don't listen to 89th, he's a sucker. Bitcoin was so 2019.

                                It's 2021, son, NFT is where it's at! You best get in the game!

                                I really think NFTs is the long term value here btw. Being able to "guarantee" ownership of digital property is the way of the future.

                                The way of the future.

                                The way of the future.

                                The way of the future.

                                The way of the future.

                                The way of the future.

                                1 Reply Last reply
                                • Catseye3C Catseye3

                                  @89th said in Can someone explain this to me?:

                                  And for @Catseye3 , how about this description:

                                  Thanks, 89th. That's the clearest explanation I've gotten yet.

                                  I'm no economist (eyes rolling here), but it seems to me that bitcoin's supposed advantage is its greatest weakness -- that government backing of a country's currency is what makes it "go", whether you like it or not. Why all the mention of a "strong dollar" like it's THE desirable thing -- with which everyone in the developed world agrees, and everyone relies on.

                                  Something kinda Monopoly money-ish about bitcoin, it seems to me. And it relies on everyone's participation. If enough people drop out, where does that leave you?

                                  89th8 Offline
                                  89th8 Offline
                                  89th
                                  wrote on last edited by
                                  #27

                                  @catseye3 said in Can someone explain this to me?:

                                  Something kinda Monopoly money-ish about bitcoin, it seems to me. And it relies on everyone's participation. If enough people drop out, where does that leave you?

                                  Pretty much!

                                  Although one could argue that could happen even with the US Dollar, but at least for the next few decades that doesn't seem even close to possible.

                                  1 Reply Last reply
                                  • Catseye3C Catseye3

                                    @89th said in Can someone explain this to me?:

                                    And for @Catseye3 , how about this description:

                                    Thanks, 89th. That's the clearest explanation I've gotten yet.

                                    I'm no economist (eyes rolling here), but it seems to me that bitcoin's supposed advantage is its greatest weakness -- that government backing of a country's currency is what makes it "go", whether you like it or not. Why all the mention of a "strong dollar" like it's THE desirable thing -- with which everyone in the developed world agrees, and everyone relies on.

                                    Something kinda Monopoly money-ish about bitcoin, it seems to me. And it relies on everyone's participation. If enough people drop out, where does that leave you?

                                    LuFins DadL Offline
                                    LuFins DadL Offline
                                    LuFins Dad
                                    wrote on last edited by
                                    #28

                                    @catseye3 said in Can someone explain this to me?:

                                    @89th said in Can someone explain this to me?:

                                    And for @Catseye3 , how about this description:

                                    Thanks, 89th. That's the clearest explanation I've gotten yet.

                                    Something kinda Monopoly money-ish about bitcoin, it seems to me. And it relies on everyone's participation. If enough people drop out, where does that leave you?

                                    And this is different from the regular economy how?

                                    The Brad

                                    HoraceH 1 Reply Last reply
                                    • LuFins DadL LuFins Dad

                                      @catseye3 said in Can someone explain this to me?:

                                      @89th said in Can someone explain this to me?:

                                      And for @Catseye3 , how about this description:

                                      Thanks, 89th. That's the clearest explanation I've gotten yet.

                                      Something kinda Monopoly money-ish about bitcoin, it seems to me. And it relies on everyone's participation. If enough people drop out, where does that leave you?

                                      And this is different from the regular economy how?

                                      HoraceH Online
                                      HoraceH Online
                                      Horace
                                      wrote on last edited by
                                      #29

                                      @lufins-dad said in Can someone explain this to me?:

                                      @catseye3 said in Can someone explain this to me?:

                                      @89th said in Can someone explain this to me?:

                                      And for @Catseye3 , how about this description:

                                      Thanks, 89th. That's the clearest explanation I've gotten yet.

                                      Something kinda Monopoly money-ish about bitcoin, it seems to me. And it relies on everyone's participation. If enough people drop out, where does that leave you?

                                      And this is different from the regular economy how?

                                      That's the difference I mentioned in the first response. All currencies rest on agreement that they are valuable, and that agreement in turn rests on something else. The dollar rests on the threat of violence, while bitcoin rests on the inertia of wide adoption and the fact that it's not a fiat currency that depends on the threat of violence.

                                      Education is extremely important.

                                      1 Reply Last reply
                                      • HoraceH Online
                                        HoraceH Online
                                        Horace
                                        wrote on last edited by
                                        #30

                                        Liz Warren to the rescue!

                                        Sen. Elizabeth Warren: Crypto markets might need bailout someday without proper regulation

                                        What a slime bag.

                                        Education is extremely important.

                                        1 Reply Last reply
                                        • X Offline
                                          X Offline
                                          xenon
                                          wrote on last edited by xenon
                                          #31

                                          Another kick at the can on definition.

                                          Bitcoin is an attempt to make digital gold. It acts as a store of value, the supply is constrained (through technical means).

                                          But gold is just a shiny rock (the value doesn't come from its industrial uses). What gives it value is that enough people believe in it.

                                          I will admit that lots of people believe in Bitcoin's value. But it's just a shiny rock, it doesn't do much.

                                          89th8 1 Reply Last reply
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